The Toronto real estate market is so hot right now that even a semi-detached house in need of some updates sold in less than a week for $366,000 over the asking price.
The house, located at 44 Roseheath Avenue in The Danforth neighbourhood, came on the market with an asking price of $999,000. It received a total of 17 offers (although one ended up withdrawing), and in just six days, the semi-detached sold for a whopping $1,365,000.
“I did not expect it to get as many offers as it did, nor did I expect it to sell for as much,” listing agent Sandra Pate of Sage Real Estate told Daily Hive.
It’s a fairly spacious home with a finished basement, two bathrooms, and four bedrooms — something Pate says is unusual for homes of this size.
“It was challenging to price because it had four bedrooms, instead of the standard three for this type of layout,” Pate said. “Most four-bedroom homes are bigger, so it was a bit of an anomaly. And, although beautifully maintained, it needed some updates.”
The home’s kitchen, in particular, would need some work from a buyer who wanted more modern finishes.
The house selling for as high as it did, Pate says, is likely the result of a few different factors coming into play. Not only has the pandemic been driving home sales as buyers look for more space both indoors and outdoors, but according to Pate, the mild temperatures this winter brought out more buyers earlier in the year than they would usually see.
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“It also has an excellent location,” Pate said. “Quiet treed street with terrific proximity to the Danforth, the subway, East Lynn Park. In addition to being a rare four-bedroom, it has a high, dug down finished basement with second bath and income suite potential, plus a deep and sunny west facing garden.”
Unfortunately for many aspiring homeowners, the Roseheath home’s exceptionally high selling price is becoming increasingly commonplace as more houses sell for hundreds of thousands above asking. With competition for homes in Toronto remaining high, it doesn’t look like the housing market isn’t going to be cooling off any time too soon.